IWX vs. TLT
IWX (iShares Russell Top 200 Value ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - IWX is a Large Cap Value Equities fund tracking the Russell Top 200 Value Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, IWX returned 12.05%/yr vs -2.33%/yr for TLT. Their -0.27 correlation means they have often moved in opposite directions in the past. IWX charges 0.20%/yr vs 0.15%/yr for TLT.
Performance
IWX vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, IWX achieves a 22.04% return, which is significantly higher than TLT's -3.18% return. Over the past 10 years, IWX has outperformed TLT with an annualized return of 12.05%, while TLT has yielded a comparatively lower -2.33% annualized return.
IWX
- 1D
- 0.94%
- 1M
- 3.56%
- 6M
- 15.64%
- YTD
- 22.04%
- 1Y
- 36.20%
- 3Y*
- 19.92%
- 5Y*
- 12.91%
- 10Y*
- 12.05%
- ALL TIME*
- 11.75%
TLT
- 1D
- 0.33%
- 1M
- -3.49%
- 6M
- -2.86%
- YTD
- -3.18%
- 1Y
- -2.12%
- 3Y*
- -1.15%
- 5Y*
- -8.33%
- 10Y*
- -2.33%
- ALL TIME*
- 3.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $52.73M | $47.86M | $34.45M | |
| $2.39B | $2.06B | $2.20B |
IWX vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWX iShares Russell Top 200 Value ETF | 22.04% | 18.23% | 14.89% | 10.45% | -5.33% | 23.33% | 1.46% | 25.82% | -6.53% | 14.05% |
TLT iShares 20+ Year Treasury Bond ETF | -3.18% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between IWX and TLT is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009 | -0.27 |
The correlation between IWX and TLT shifts across timeframes, from -0.27 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IWX vs. TLT — Risk / Return Rank
IWX
TLT
IWX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Value ETF (IWX) and iShares 20+ Year Treasury Bond ETF (TLT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IWX | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.63 | ||
| Sortino ratioReturn per unit of downside risk | +4.96 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 0.97 | +0.64 |
| Calmar ratioReturn relative to maximum drawdown | 5.52 | -0.28 | +5.79 |
| Martin ratioReturn relative to average drawdown | 24.26 | -0.59 | +24.85 |
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Drawdowns
IWX vs. TLT - Drawdown Comparison
The maximum IWX drawdown since its inception was -35.76%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for IWX and TLT.
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Drawdown Indicators
| IWX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.76% | -48.35% | +12.59% |
Max Drawdown (1Y)Largest decline over 1 year | -6.59% | -7.74% | +1.15% |
Max Drawdown (3Y)Largest decline over 3 years | -13.37% | -14.79% | +1.42% |
Max Drawdown (5Y)Largest decline over 5 years | -18.13% | -43.70% | +25.57% |
Max Drawdown (10Y)Largest decline over 10 years | -35.76% | -48.35% | +12.59% |
Current DrawdownCurrent decline from peak | 0.00% | -42.17% | +42.17% |
Average DrawdownAverage peak-to-trough decline | -3.79% | -14.00% | +10.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.50% | 3.60% | -2.10% |
Volatility
IWX vs. TLT - Volatility Comparison
iShares Russell Top 200 Value ETF (IWX) has a higher volatility of 2.94% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.51%. This indicates that IWX's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.94% | 2.51% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 8.50% | 6.84% | +1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.71% | 9.24% | +1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.89% | 15.74% | -1.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.49% | 14.83% | +1.66% |
IWX vs. TLT - Expense Ratio Comparison
IWX has a 0.20% expense ratio, which is higher than TLT's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IWX vs. TLT - Dividend Comparison
IWX's dividend yield for the trailing twelve months is around 1.38%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWX iShares Russell Top 200 Value ETF | 1.38% | 1.59% | 1.97% | 2.13% | 2.07% | 1.79% | 2.12% | 2.60% | 2.66% | 2.12% | 2.22% | 2.77% |
TLT iShares 20+ Year Treasury Bond ETF | 4.75% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
IWX and TLT have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWX has higher volatility (2.94%) compared to TLT (2.51%). In terms of maximum drawdown, IWX dropped -35.76% vs TLT's -48.35%.
On 10-year performance, IWX leads with 12.05% vs -2.33% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWX has performed better with a 12.05% return vs -2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.20% for IWX.
TLT has the higher dividend yield at 4.75%, compared with 1.38% for IWX.
IWX is categorized as Large Cap Value Equities, while TLT is Government Bonds. IWX tracks Russell Top 200 Value Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.20% for IWX and 0.15% for TLT.
IWX currently has the higher Sharpe Ratio (3.40 vs -0.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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